[SCHEDULE 13G/A] Garmin Ltd SEC Filing

Rhea-AI Filing Summary

Schedule 13G/A filing overview

Jonathan Burrell has filed an amended Schedule 13G disclosing beneficial ownership of 9,770,665 registered shares of Garmin Ltd. (CUSIP H2906T109) as of 30 June 2025. The holding equals 5.07 % of Garmin’s outstanding registered shares, keeping him above the 5 % threshold that triggers a Section 13(d) reporting obligation.

Voting and dispositive power

• Sole power to vote and dispose of 7,571,564 shares.
• Shared power to vote and dispose of 2,199,101 shares held mainly through family and GRAT trusts.

Ownership structure

• 4,405,150 shares held in GRATs established by his mother.
• 816,902 shares in the Judith M. Burrell Revocable Trust (joint power with his mother).
• 2,229,643 shares in Mr. Burrell’s own revocable trust.
• 1,382,199 shares in a GRAT remainder trust co-managed with a third-party trustee.
• 394,478 shares in LLCs wholly owned by a GRAT remainder trust.
• 533,800 shares in GRATs established by Mr. Burrell.
• 8,493 shares held directly (includes vested RSUs).

The certification states the shares “were not acquired and are not held for the purpose of or with the effect of changing or influencing control of the issuer.”

No purchase transactions, prices, or financial performance data are provided; the document is solely an ownership disclosure.

Insights

Securities Analyst

TL;DR – 5.07 % Garmin stake by Burrell disclosed; neutral but confirms sizeable insider alignment.

The amended 13G shows Jonathan Burrell continues to own nearly ten million Garmin shares, keeping him just above the 5 % reporting threshold. Because the filing contains no acquisition details and explicitly disclaims any intent to influence control, the market impact should be limited. However, perpetual 5 %+ insider ownership can be viewed positively from an alignment standpoint, particularly as the stake spans multiple estate-planning vehicles. No dilution or sale is indicated; therefore, I classify the immediate price impact as neutral.

Corporate Governance Expert

TL;DR – Disclosure updates complex trust-based holding; governance implications minimal.

The filing clarifies how Burrell’s Garmin shares are allocated among GRATs, revocable trusts, and LLCs, ensuring transparency around ultimate voting rights. Shared voting/dispositive power is limited to roughly 2.2 million shares, meaning the majority of the stake remains under his sole control. Because the certification disavows any control intent, the governance risk profile remains unchanged. The disclosure is important for compliance, but it does not signal strategic activism or imminent governance shifts.

07/14/2025 - 11:16 AM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 92)

Garmin Ltd.

(Name of Issuer)

Registered Shares

(Title of Class of Securities)

H2906T109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. H2906T109

1

Names of Reporting Persons

Jonathan Burrell

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,571,564.00
6	Shared Voting Power 2,199,101.00
7	Sole Dispositive Power 7,571,564.00
8	Shared Dispositive Power 2,199,101.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,770,665.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.07 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Garmin Ltd.
(b)	Address of issuer's principal executive offices: Muhlentalstrasse 2, 8200 Schaffhausen, Switzerland, 8200
Item 2.
(a)	Name of person filing: Jonathan Burrell
(b)	Address or principal business office or, if none, residence: P.O. Box 507, Stillwell, KS 66085
(c)	Citizenship: USA
(d)	Title of class of securities: Registered Shares
(e)	CUSIP No.: H2906T109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 9,770,665 4,405,150 of the 9,770,665 Registered Shares reported are held in several Grantor Retained Annuity Trusts established by the reporting person's mother, over which Registered Shares the reporting person has the sole voting and dispositive power. 816,902 of the 9,770,665 Registered Shares reported are held by The Judith M. Burrell Revocable Trust, over which Registered Shares the reporting person shares voting and dispositive power with his mother, Judith M. Burrell, for whom the reporting person is attorney-in-fact. 2,229,643 of the 9,770,665 Registered Shares reported are held in the reporting person's revocable trust, over which Registered Shares the reporting person has the sole voting and dispositive power. 1,382,199 of the 9,770,665 Registered Shares reported are held in a GRAT remainder trust established for the reporting person's benefit, over which Registered Shares the reporting person shares voting and dispositive power with a third party co-trustee. 394,478 of the 9,770,665 Registered Shares reported are held in one or more limited liability companies that are wholly-owned by a GRAT remainder trust established for the reporting person's benefit, over which Registered Shares the reporting person has the sole voting and dispositive power. 533,800 of the 9,770,665 Registered Shares reported are held in several Grantor Retained Annuity Trusts established by the reporting person, over which Registered Shares the reporting person has the sole voting and dispositive power. 8,493 of the 9,770,665 Registered Shares reported are owned by the reporting person directly, and may include restricted stock units ("RSUs") awarded to the reporting person under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan that can be settled only in Registered Shares (to the extent that such RSUs have vested or, within 60 days of the date of this Statement, will vest).
(b)	Percent of class: 5.07 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 7,571,564
	(ii) Shared power to vote or to direct the vote: 2,199,101
	(iii) Sole power to dispose or to direct the disposition of: 7,571,564
	(iv) Shared power to dispose or to direct the disposition of: 2,199,101
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. 4,405,150 of the 9,770,665 Registered Shares reported are held in several grantor retained annuity trusts established by the reporting person's mother, over which Registered Shares the reporting person has the sole voting and dispositive power. The grantor retained annuity trusts are for the benefit of the reporting person's mother during the two-year annuity period of the trusts, with any amounts remaining after distribution to the reporting person's mother being distributable to several remainder trusts for the benefit of certain descendants of the reporting person's parents. 816,902 of the 9,770,665 Registered Shares reported are held by The Judith M. Burrell Revocable Trust, over which Registered Shares the reporting person shares voting and dispositive power with his mother, Judith M. Burrell, for whom the reporting person is attorney-in-fact. The trust exists for the benefit of the reporting person's mother.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Jonathan Burrell

Signature:	/s/ Jonathan Burrell
Name/Title:	Jonathan Burrell
Date:	07/14/2025

FAQ

What percentage of Garmin (GRMN) shares does Jonathan Burrell own according to the 07/14/2025 Schedule 13G/A?

5.07 % of the outstanding registered shares, equal to 9,770,665 shares.

How many Garmin shares are subject to Burrell’s sole voting power?

7,571,564 shares.

How many shares does Jonathan Burrell share voting and dispositive power over?

2,199,101 shares.

Why was this Schedule 13G/A filing required?

Burrell’s beneficial ownership remains above the 5 % threshold, mandating disclosure under Section 13(d).

Does the filing indicate any intent to influence control of Garmin Ltd.?

No. The certification states the shares were not acquired or held to change or influence control.

Through which entities are the shares held?

A combination of GRATs, revocable trusts, LLCs, and direct holdings as detailed in Item 4.